IDBI Capital: Amara Raja Batteries Q2 Review - Strong Beat On All Fronts; Outlook Positive
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IDBI Capital Report
Amara Raja Batteries Ltd.’s Q2 FY21 result was a strong beat on all fronts.
Its top-line /Ebitda were 23%/45% higher than our estimates. Amara Raja’s sales increased by 14.2% YoY to Rs 19,355 million led by improvement across segments.
Ebitda increased 16.4% YoY to Rs 3,402 million and Ebitda margin improved 33 basis points YoY to 17.6%.
However, sharp fall in other income and higher tax expense resulted in 8.0% YoY fall in net income to Rs 2 billion.
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